The graph illustrates the supply of sweaters. A fall in the price of sweaters brings
A) a decrease in the quantity supplied of sweaters.
B) a movement along the supply curve.
C) a shift of the supply curve.
D) Both answers A and B are correct.
E) Both answers B and C are correct.
D
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When consumers are less confident about their jobs or incomes, they are more likely to
A) reduce purchases of durable goods than nondurable goods. B) increase consumption spending and decrease investment spending. C) reduce purchases of nondurable goods and increase purchases of durable goods. D) increase investment spending and decrease consumption spending.
Why do governments prefer to avoid current account deficits that are too large?
What will be an ideal response?
Oligopolist A cuts price in an attempt to enlarge his share of the market. His competitors fail to retaliate with price cuts. In this case, in Figure 13-3, oligopolist A will move from point A to which point?
A. B B. C C. D D. E
Economic growth is an increase in the total output of an economy.
Answer the following statement true (T) or false (F)